|
Definitions
|
| Mortgage
amount |
Original
or expected balance for your mortgage. |
| Interest
rate |
Annual
interest rate for this mortgage |
| Term
in years |
The number
of years over which you will repay this loan. The most common
mortgage terms are 15 years and 30 years. |
| Monthly
payment |
Monthly
principal and interest payment (PI). |
| Total
payments |
Total of
all monthly payments over the full term of the mortgage. This
total payment amount assumes that there are no prepayments of
principal. |
| Total
interest |
Total of
all interest paid over the full term of the mortgage. This total
interest amount assumes that there are no prepayments of principal. |
| Prepayment
type |
The frequency
of prepayment. The options are none, monthly, yearly and a one
time payment. |
| Prepayment
amount |
Amount
that will be prepaid on your mortgage. This amount will be applied
to the mortgages principal balance, based on the prepayment
type. |
| Start
with payment |
This is
the payment number that your prepayments will begin with. For
a one time payment, this is the payment number that the single
prepayment will be included in. All prepayments of principal
are assumed to be received by your lender in time to be included
in the following months interest calculation. |
| Savings |
Total amount
of interest you will save by prepaying your mortgage. |
